Friday, March 13, 2009

Vermont Executive Sentenced To 6 Years For $5 Million Embezzlement

Kenneth MacKay, 37, of Williston, Vermont, was sentenced to 70 months in prison for embezzling more than $5 million from Willis Management, a captive insurance administrator, and its clients, for whom he was employed as a senior vice president. He was also ordered to pay restitution in the amount of $5.3 million. MacKay was arrested and charged last May with bank fraud, wire fraud and money laundering. According to prosecutors, over an 8 year period, MacKay diverted funds deposited into Willis accounts into a shell corporation he created. He reportedly used the funds to purchase a condominium in Florida and to build a $1.9 million home in Vermont. He also used the funds to deposit nearly a quarter million dollars into his five childrens' college savings accounts. Prosecutors claimed MacKay had already forfeited $4.24 million, including his home, Florida condo and the funds deposited into this children's college accounts.

Read the story here, here and here.

Read the DOJ's announcement here and here.

1 comment:

Anonymous said...

hi pls stop what u are sayin about that man